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LEASES | 3 Months Ended
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Mar. 31, 2019
Leases |
Leases | NOTE E – LEASES The Company leases, under finance and operating lease arrangements, certain facilities used primarily in the Asset-Based segment service center operations, certain revenue equipment used in the ArcBest segment operations, and certain other office equipment. Operating leases have remaining terms of less than 10 years, some of which include one or more options to renew, with renewal option terms up to five years, and some of which include options to terminate the leases within the next three years. The right-of-use assets and lease liabilities as of March 31, 2019 do not assume the option to early terminate any of the Company’s leases, and all renewal options that have been exercised or are reasonably certain to be exercised as of March 31, 2019 are included in the right-of-use assets and lease liabilities. Variable lease cost for operating leases consists of subsequent changes in CPI index, rent payments that are based on usage, and other lease related payments subject to change and not considered fixed payments. All fixed lease and non-lease component payments are combined in determining the right-of-use asset and lease liability. The Company has a small number of finance leases recorded in property, plant and equipment and long-term debt related to structures and office equipment that are immaterial to the consolidated financial statements. The components of operating lease expense were as follows:
|  | Three Months Ended |
|  | March 31, 2019 |
|  | (Unaudited)
|  | (in thousands)
Operating lease expense |  | $ | 5,339 |
Variable lease expense |  |  | 839 |
Sublease income |  |  | (67) |
Total operating lease expense |  | $ | 6,111 |
Operating cash flows included in the measurement of lease liabilities |  | $ | 5,290 |
Rental expense for operating leases, excluding expenses related to leases with initial terms of less than one year, totaled approximately $5.0 million, net of sublease income, for the three months ended March 31, 2018. Supplemental balance sheet information related to operating lease liabilities was as follows:
|  | March 31, 2019 |
|  | (in thousands, except lease term and discount rate) |
|  |  |  |  | Land and |  | Equipment |
Operating leases |  |  | Total |  | Structures |  | and Others |
Operating right-of-use assets (long-term) |  | $ | 68,737 |  | $ | 66,684 |  | $ | 2,053 |
Operating lease liabilities (current) |  | $ | 17,678 |  | $ | 16,644 |  | $ | 1,034 |
Operating lease liabilities (long-term) |  |  | 54,444 |  |  | 53,442 |  |  | 1,002 |
Total operating lease liabilities |  | $ | 72,122 |  | $ | 70,086 |  | $ | 2,036 |
Weighted average remaining lease term (in years) |  |  | 5.5 |  |  |  |  |  |  |
Weighted average discount rate |  |  | 3.96% |  |  |  |  |  |  |
Maturities of operating lease liabilities at March 31, 2019 were as follows:
|  |  |  |  |  |  |  | Equipment |
|  |  |  |  | Land and |  | and |
|  | Total |  | Structures |  | Other |
Remainder of 2019 |  | $ | 15,250 |  | $ | 14,423 |  | $ | 827 |
2020 |  |  | 17,924 |  |  | 16,914 |  |  | 1,010 |
2021 |  |  | 13,675 |  |  | 13,401 |  |  | 274 |
2022 |  |  | 9,490 |  |  | 9,490 |  |  | — |
2023 |  |  | 6,748 |  |  | 6,748 |  |  | — |
Thereafter |  |  | 17,564 |  |  | 17,564 |  |  | — |
Total lease payments |  |  | 80,651 |  |  | 78,540 |  |  | 2,111 |
Less imputed interest |  |  | (8,529) |  |  | (8,454) |  |  | (75) |
Total |  | $ | 72,122 |  | $ | 70,086 |  | $ | 2,036 |

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- References No definition available. + Details
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